Bone Gap, Illinois Property Taxes
The median property tax rate in Bone Gap, IL is 2.01%, considerably higher than both the national median of 0.99% and the Illinois state median of 2.35%. With the median home value in Bone Gap, the typical annual property tax bill reaches $173, which is significantly lower than the national median of $2,690. Property taxes in Bone Gap are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Bone Gap's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Bone Gap or another part of Edwards County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Bone Gap, Illinois Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.01%
Estimate Property Tax Bill
$174
$170
Ownwell’s Bone Gap Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Bone Gap with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Bone Gap to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Bone Gap, Illinois
Property taxes in Bone Gap, Illinois, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Bone Gap is 2.01%, significantly higher than both the Illinois state median and the U.S. national median of 0.99%. Local government entities within Bone Gap set these rates annually, and they can vary significantly across different neighborhoods. Each year, Bone Gap estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Bone Gap's effective property tax rate to other counties in Illinois and the national median. For comparison, the zip code 62815 has the highest median property tax rate of 2.01%, while the zip code 62815 also has the lowest median tax rate of 2.01%. Understanding how these cities compare with Bone Gap provides valuable insights into the varying tax landscape across Edwards County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Bone Gap Tax Rate
2.01%
Average Edwards County Tax Rate
2.43%
Average Illinois Tax Rate
2.35%
Average United States Tax Rate
0.99%
Property Tax Rates Across Bone Gap, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62815 | 2.01% | 2.01% | 2.01% | 2.01% | 2.01% |
Source: Ownwell
Property Tax Assessment Values Across Bone Gap, Illinois
In Bone Gap, Illinois, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Edwards County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Bone Gap, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Bone Gap helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Bone Gap are both $173, found in zip code 62815.
Average Bone Gap Assessed Value
$8,640
Average Edwards County Assessed Value
$30,360
Average Illinois Assessed Value
$194,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Bone Gap, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62815 | $8,640 | $8,640 | $8,640 | $8,640 | $8,640 |
Source: Ownwell
Property Tax Bills Across Bone Gap, Illinois
In Bone Gap, located in Edwards County, IL, property tax bills are calculated based on the assessed value of a property, which is determined by the local assessor. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to this value to determine the tax bill. In Bone Gap, the median home price is $8,640, and the property tax rate is applied uniformly across the board. This results in a median tax bill of $173, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the tax bill, including property location, market conditions, and any applicable exemptions or deductions. For homeowners in Bone Gap, this relatively low tax bill can be a financial relief, making it easier to manage household budgets. However, it is essential for homeowners to stay informed about any changes in tax rates or assessments to accurately anticipate future property tax obligations.
Average Bone Gap Tax Bill
$173
Average Edwards County Tax Bill
$698
Average Illinois Tax Bill
$4,715
Average United States Tax Bill
$2,690
Property Tax Bills Across Bone Gap, Illinois
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62815 | $173 | $173 | $173 | $173 | $173 |
Source: Ownwell